There are two main things to fully realize if you’ve set a goal to pay your debt off. The first one is that it’s the first step to your financial independence (how great does that sound!). The second one is that you won’t be able to do it all in one day. This means you’ll need a lot of focus for months or even years of working hard to get rid of all the debt.

Losing focus, however, is very easy. Remember the last time you prepared for an exam and imagine you would have to do it for, say, a year. But there are several solutions that will help you keep your eyes on the prize!

Look at Your Monthly Payment Bill

You can keep paying monthly and get over your debt in about 5-10 years. But have you ever thought of all the interest you’re overpaying? Look at a couple of your recent bills and multiply it by the number of months left. I bet the amount is heartbreaking and quite annoying, especially if your mortgage is expensive. Take this as the starting point in getting motivated and focused on paying your debt off, or change track completely. If your mortgage debt is unaffordable, you may need to consider downsizing quickly. You can do this by searching “we buy houses woodstock” or something similar in your area to find a house buyer, and once you’re downsized, you should see your debt drop dramatically.

Remind Yourself of Your Goal

This might sound oversimplified, but remind yourself you’re working in order to become more stable financially. Make reminders on your phone or write it down in your schedule. Think of how your life will change after you come out of a bank debt-free one day.

Diversify with Other Tasks

It’s easy to get sick and tired of thinking about one goal all the time, so make sure you have some other challenges on the way. Pick anything from making new friends to finding a hobby and working on it. You can even choose to get rid of all the redundant stuff accumulated in your house bit by bit. Suit yourself, but make sure you’re not bored.

Try the Snowball Method

This is a pretty easy way to have some extra money to pay debts if you have several:

• List all your debts, starting with the smallest one.
• Make all minimal monthly payments except the first debt – pay for it a bit more every month.
• After you’re done with the smallest debt, you’ll have some free money to pay to the next one on the list. Continue until you’re debt-free.

These tips may look simple, but they all work if you add all your determination to using them. Getting rid of debts is possible, and it will lead you to a renewed life with larger possibilities.